D.R. Horton narrows loss in second quarter

SAN FRANCISCO (MarketWatch) -- D.R. Horton Inc.
DHI, -2.41%
late Monday reported it lost $108.6 million, or 34 cents a share in the second quarter, narrowing from a loss of $1.31 billion, or $4.14 a share in the same quarter last year. Revenue slid to $775.3 million from $1.62 billion. Analysts polled by FactSet Research had forecast, on average, a loss of 31 cents a share on revenue of $812.9 million. The quarterly results included $48.1 million in pre-tax charges. "We saw a seasonal increase in sales activity in the March quarter, with our net sales increasing 50% from our December quarter. However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of both new and existing homes, increasing unemployment, tight credit for homebuyers and eroding consumer confidence," said Donald Horton, chairman of the board.

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